dtr easi-cash Terms and Conditions 1. How to interpret this agreement 1.1 What the words in this agreement mean In this agreement, unless the context otherwise requires: Address means your address as specified in this agreement. Administration fee means the weekly administration fee we charge you to cover our ongoing administration costs while any amount remains outstanding under this agreement. Agreement has the meaning given to it on page 7. Annual interest rate is the rate set out on page 3 of this agreement. Burglary or housebreaking means theft of the secured assets from the address specified in the agreement by a person who has entered the residence at the address intending to commit a crime. The person may have entered by deceit or through force or violence. Force or violence is shown by visible marks or damage to the residence’s exterior made by tools or other means at the point of entry. Business day means any Monday to Friday (inclusive) on which registered banks are open for general banking business in Auckland. CCCFA means the Credit Contracts and Consumer Finance Act 2003. Covenantor means any person who allows their goods to be used as security, who signs a Covenantor’s Acknowledgement. In that acknowledgement, the Covenantor makes various promises to DTR, and also gives us a security interest in any of the Secured Assets that he or she owns all or part of. Damage liability waiver has the meaning given to it in clause 11. Default interest rate means the interest rate specified on page 3 of this agreement that will be charged to you if you fail to make a payment by its due date. Disclosure statement means the statement containing certain information the CCCFA requires us to tell you at pages 1 to 9 of this agreement. DLW stands for damage liability waiver. DLW excess means the amount referred to in clause 11.2 and shown on page 3 of this agreement. DLW fee means the fee we charge you for providing the DLW. Event of default means an event outlined in clause 13.1 of these terms and conditions. Valuation fee means the fee we charge you that covers our reasonable costs for your application for credit, processing and documenting this agreement, valuing your goods, and advancing the principal sum. Full prepayment means payment of the total unpaid balance before the date for payment of the last amount under the agreement. This is what full prepayment means in section 5 of the CCCFA, so the meaning may change if the CCCFA is amended. Moneys owed means the amount borrowed plus all interest, fees and other payments you might owe or need to pay under this agreement. Part prepayment means any amount you pay early (that is, before the date for payment under the agreement) that is less than the total unpaid balance. This is what part prepayment means in section 5 of the CCCFA, so the meaning may change if the CCCFA is amended. Payment date means the due date(s) set out in the schedule of payments that shows the dates and amounts for any payments you must make to dtr under this agreement, including regular repayment and other charges such as late fees or penalty interest. Personal property means any property owned by an individual or a business that is not land or buildings. Personal property is covered by the PPSA and includes goods such as furniture and vehicles as well as other types of property such as investments. PPSA means the Personal Property Securities Act 1999. PPSR means the Personal Property Securities Register. Principal sum means the total of all sums advanced by us to you under this agreement. Proceeds has the meaning given to it under section 16 of the PPSA. Schedule of payments means a list showing the payments you agree to make and the dates you agree to make the payments. Secured assets means the personal property that you grant us a security interest over. Security interest means an interest in the secured assets that gives us the right to take back and sell the assets if you don’t meet your obligations under the agreement. See section 17 of the PPSA for the full legal definition. Terms and conditions means these easi-cash terms and conditions as set out on pages 10 to 19 of this agreement. Total unpaid balance means any monies you owe to us including the principal sum, interest, and any other fees or payments outstanding or owing under this agreement. Valuation Goods ID means the EasiCash Valuation Goods ID form that lists the secured assets, and that you sign. You may need to sign more than one Valuation Goods ID over the time that you owe us money. 1.2 What we include in a meaning In this agreement, unless the context otherwise requires, each of the following words has the meaning given. a. ‘Us’, ‘we’ and ‘our’ means Thorn Rentals NZ Limited, trading as dtr. b. ‘You’ and ‘your’ means the person whose name appears as ‘Your name’ in this agreement. c. When the agreement refers to you, us, or anyone else, it also means anyone to whom legal responsibility passes; that is, an executor, administrator, successor or assignee. d. References to legislation (which includes all related regulations) will be construed as references to that legislation as amended or re-enacted or as its application is modified by other legislation from time to time. e. All promises made by signing this agreement are made by each person who signs and by the group of people signing. f. Words that are in the singular also carry the plural meaning and vice versa. g. Words referring to any gender also include the other genders. h. References to persons include corporations. 2. By signing this agreement, you agree that certain things are true 2.1 By signing this agreement, you tell us all of the following: a. you accept the obligations in the agreement, and you understand that these obligations can be enforced according to these terms and conditions b. you have told us everything about your circumstances that anyone lending you money needs to know c. you have not defaulted on any other loan, and you are not about to default d. you own (or will own at the date we initially give you money) the secured assets without any security interest apart from the one created by this agreement, and you will not allow a security interest to exist without prior written notice from us that gives our consent. 2.2 You agree that the things you tell us by signing the agreement, as listed in clause 2.1, will continue to be true while the agreement lasts. 3. By signing this agreement you make promises to us 3.1 You will keep us informed You promise to: a. give us any information about your finances that we have a reason to ask for at any time while the agreement lasts, and b. let us know straight away if anything happens (including pending legal action) that may prevent you from carrying out your obligations under this agreement. 3.2 You will look after the secured assets While the agreement lasts, at all times and at your own expense, you will keep the secured assets in good working order and condition (fair wear and tear excepted), and you will replace any worn out or defective parts with new parts. 3.3 You will not modify the secured assets You will not interfere with, add to, or modify the secured assets without our prior written consent. 3.4 You will use the secured assets carefully You will use the secured assets in a careful and proper manner and make sure that the building you keep the assets in, is secure against unauthorised entry. 3.5 You will allow us to inspect or test the secured assets You will permit us or our authorised agent to inspect or test the secured assets from time to time. You will allow us or our agent to enter the building you keep the assets in, subject to clauses of the Credit (Repossession) Act 1997 that deal with entry. You will give us or our agent whatever assistance we reasonably require to carry out the inspection or test. 4. When and how to make payments 4.1 We will loan you money, and you will pay the money back We will advance the amount listed on the Disclosure Statement. We will pay the money to you or as you direct. In return, you agree to make payments as listed in this agreement. 4.2 You agree to pay us interest You agree that interest on the amount we advance is included in the payments you owe. Interest is calculated and accrued daily at the current interest rate. The interest rate begins as the rate shown in the disclosure statement. Section 10 tells you what we have to do to can change this rate. 4.3 You will pay: a. on each payment date the payment specified in the schedule of payments, and b. on demand by us any other sums that may be owing under this agreement. 4.4 By 4.00 pm on the payment date Each payment must be made: a. no later than 4.00 pm on the payment date, if the payment date is a business day, or b. no later than 4.00 pm on the business day immediately before, if the payment date is not a business day. If you make payment on the payment date but after 4.00 pm, then payment is deemed to have been made on the next business day. 4.5 By direct debit Unless otherwise agreed, you must pay by direct debit to our nominated bank account. 4.6 Free of restrictions Except to the extent required by law, you must make all payments: a. free of any restrictions or conditions; b. free of any deduction or withholding for tax; and c. free of any other deduction, including counter claim. 5. What we do with your payments 5.1 We credit your payment on the payment date The payments you make will be credited against the payment that is due on the payment date. If we accept a payment from you before the payment date, we will hold it unallocated until the payment date and then credit it to your account. 5.2 We can apply your payment to any part of your debt We can use the money you pay us to reduce your debt with us in any way we choose. We can apply it to the principal sum, interest, fees, or any other moneys due, whether or not this is what you ask and whether or not it seems fair. If we don’t choose to do otherwise, we will apply the payment to: a. first, all outstanding fees, costs, expenses, losses or damages due to us from you b. second, all default interest payable by you c. third, all other interest payable by you d. fourth, the balance of the principal sum. 5.3 Our statement shows the amount owing Unless there is an obvious error, any statement signed by our duly authorised agent that sets out the amount owing under this agreement will be conclusive evidence of any amount owing under this agreement. 5.4 We can debit your credit card If you have provided credit card details, you authorise us to debit your credit card at any time for any payments that are due or any costs, expenses or losses we incur as part of this agreement. 6. We can turn down early payment of part of what you owe us 6.1 We can refuse part prepayment Subject to clause 7, we have the right to refuse a payment made before the payment date (part prepayment). We will notify you if we refuse a payment. See clause 7 for our rights if we accept an early payment. 7. We will accept early payment of the total amount you owe us, but will charge for our costs 7.1 You can make full prepayment You may at any time before the last payment date repay the unpaid balance in full (full prepayment). We stop charging interest on the moneys owed on the actual day you make payment. 7.2 We can charge costs and keep some fees If you make a full prepayment, you agree to pay us any administrative costs we incur as a result of the full prepayment. 8. We can use money you give us under this agreement to pay what is owed under any other agreements 8.1 At any time, we can use any and all deposits held for your account and anything that we owe you, to pay what is owed under this or any other agreement you have with us. You agree that: a. we do not have to give you notice; b. we do not have to ask you to pay what you owe; and c. the time for payment does not need to have arrived. We agree to tell you immediately after we have used money to pay what is owed under other agreements. 9. Other costs and fees 9.1 You will pay all costs for preparing or enforcing this agreement You agree to pay all expenses, costs, and other charges, including legal fees and disbursements, for preparing or enforcing this agreement. 9.2 We will charge you a fee for maintaining a credit balance If at any time you have a credit balance in your account with us, including after you have paid back all the money you owe us, you agree to pay us an over-term credit account fee. This fee compensates us for the costs of maintaining an account. We will decide what fee to charge. 10. We can change the interest rates, fees or charges, but we have to let you know 10.1 Annual interest rate We can, at our sole discretion, change the annual interest rate charged under this agreement. If we increase the annual interest rate, we will send you a notice telling you of the change. We will send you the notice within five business days of the change, and will at the same time send you an updated schedule of payment, showing the new amounts to be paid. 10.2 Default interest rate We can, at our sole discretion, change the default interest rate charged under this agreement. If we increase the default interest rate, we will send you a notice telling you of the change within five business days of the change. 10.3 Changing fees and charges We can, at our sole discretion, vary any fees or charges payable under this agreement. If we increase any fees or charges, we will send you a notice telling you of the change within five business days of the change. 11. If you pay for the damage liability waiver you are covered for most damage or loss 11.1 You do not need to insure against certain events If you make DLW payments, and keep to the terms of clause 11.2, you do not need to keep any secured assets insured against damage or loss due to lightning, windstorm, flood, smoke, fire, bursting of fixed water installation, burglary or housebreaking. Motor vehicles will be covered for flood, theft, and fire. If such damage or loss occurs, we agree to reduce the amount you still owe us by the agreed value of the damaged or lost secured asset. The agreed value is the estimated valuation of the secured asset shown on the Valuation Goods ID less a percentage to allow for payments you have already made. We determine the percentage to take off the valuation. The estimated valuation of a secured asset shown on the Valuation of Goods ID may be less than the market value of the asset. 11.2 You do need to pay the fee and report any damage or loss For this clause 11 to apply, you must do all of the following: a. pay the DLW fee on the date of this agreement listed on the payment schedule b. comply with all the terms and conditions of this agreement c. report any loss of the secured asset (if not a motor vehicle) as a result of a burglary or housebreaking to the Police and our nearest store within 7 days d. fully and correctly complete a dtr incident report form, which we will provide when you report the damage e. pay us the applicable DLW excess within 30 days of the damage f. report the theft of a vehicle to the Police and our nearest store within 24 hours. 11.3 You need to insure against events not covered by the DLW None of the provisions in this clause 11 apply to damage or loss due to moisture, scratches, mysterious disappearance, vandalism, abandonment, your neglect or intentional acts. You need to keep the secured asset insured as described in clause 12 against damage or loss through such an event. 11.4 Damage to other property is not our responsibility If there is damage or loss to anything used with the secured asset, and that thing is not your property, paying for the damage or loss is your responsibility. We do not need to pay, whether the damage or loss is caused by the secured asset or not. 12. If you don’t pay the damage liability waiver, you need to buy insurance 12.1 You agree to keep the assets insured Where you have chosen not to make DLW payments, you take the sole risk of damage or loss of the secured asset. You agree to keep the secured asset insured to its full insurable value with an independent insurer. The insurance will be against damage or loss due to lightning, windstorm, flood, smoke, fire, bursting of fixed water installation, burglary or housebreaking, and such insurance shall be in the joint names of you and us. You agree to show us evidence of that insurance if we ask to see it. 12.2 Any money paid under a claim must be paid to us If you make a claim on the policy of insurance, whatever the insurance company pays you must be paid to us. We can use the money either to make good any damage to the equipment, or to reduce the balance owing under this agreement. If there is still any money left owing under the agreement after we have used the insurance money, you will need to pay it to us. 12.3 You must pay whatever is owed under the agreement If you fail to keep the secured asset insured, or if your insurer declines any insurance payment or any claim, any damage or loss is at your own risk. If the asset is lost, damaged, or destroyed before you have paid what you owe under this agreement, you are obliged to complete the payment of the principal sum and any other interest or fees payable under the agreement. 13. If you don’t keep the agreement, or we think you can’t keep the agreement, you are in default 13.1 You are in default if an event of default happens (an event of default is any of the events listed in this clause): The agreement is broken a. You breach this agreement in any way, and fail to put things right within 15 business days of a written notice from us asking for you to do so. b. Any provision of this agreement ceases to be enforceable against you for any reason, or you claim that this is so. c. You have a change of circumstances that gives us reasonable grounds to decide that you will be unable to carry out the obligations under this agreement. You don’t look after the secured assets d. You do or allow anything that might adversely affect the secured assets. e. You lose possession of the secured asset (for example, by loaning, gifting, selling, or pawning it), attempt to take it out of New Zealand, or allow any part of it to be seized or removed to satisfy other debts. f. You don’t notify us if the secured asset is taken out of your possession, giving us the full address of the place that the asset has been taken to, if you know it. You don’t, or can’t, pay g. You fail to make a payment required by this agreement. h. You are deemed to be unable to pay your debts under any relevant legislation, such as if you become bankrupt or go into liquidation. i. A court issues a warrant to allow a bailiff to seize any of your property or assets to cover a debt in excess of $2,000. j. A court issues a judgment against you for an amount in excess of $2,000, and the judgment is not cancelled with 14 days. k. A court issues a warrant to allow a bailiff to seize the secured asset for non-payment. l. You allow a financing statement (as defined in the Personal Property Securities Act 1999) to be filed against any of the secured asset. m. You allow someone other than dtr to create a security interest over the secured asset. 13.2 You are also in default if an event of default applies to your Covenantor. 13.3 If an event of default occurs, we can demand payment We can require immediate payment of all moneys payable under this agreement, or any other agreement you have with us. You must immediately pay us the amount required as soon as you receive written notice from us, whether or not the time for payment has arrived. 13.4 You agree that you will pay all losses, costs or expenses that an event of default might cause, including legal costs, any interest, fees, penalty, expense, loss of profit, or other sums paid or payable. 14. If you are in default, we can take the secured assets 14.1 We can cancel the agreement, charge a fee, and repossess the secured assets If a default event occurs, we may do any or all of the following: a. cancel this agreement b. by notice to you, demand payment of the balance of the moneys owed; payment is due as soon as you receive the notice c. without notice, sue for recovery of the balance of the moneys owed d. charge you a fee that covers any loss or costs we incur as a result of your default, including, without limitation, solicitor/client costs, repossession fees, dishonour fees, door-knocking fees and any costs in engaging the services of a debt collection agency e. take possession of and sell the secured assets; if an asset is installed in or fixed to other property, we will follow the provisions of the Credit (Repossession) Act 1997 when taking and repossessing the asset. 14.2 You will pay default interest If you fail to make a payment required by this agreement, in addition to any fees that cover our losses and costs, you will also pay us default interest. Default interest is payable on any amount that is owing but has not been paid to us on the relevant payment date. The interest will be at the default interest rate specified in the disclosure statement, and will accrue from the date of the event of default to the date of payment in full. 14.3 We can repossess if we think a secured asset is at risk In addition to our rights under clause 14.1, if at any time we consider a secured asset to be at risk (within the meaning of section 109(2) of the PPSA), we may take and keep possession of that asset. 14.4 We can enter any place where the secured asset is located You give us, our agents, and our representatives the right to enter any place where the secured asset may be located, and to search for, remove, and take possession of the asset. This right cannot be revoked, and lasts until payment has been made in full. We do not have to give you notice of our intention to enter. We have the right to enter any premises where the secured asset may be held when the occupier of the premises is not present, if necessary. We can carry out these rights without any liability to you or anyone claiming under you, including any claims for consequential loss or damage. 15. The secured assets are a security under the Personal Property Security Act 1999 15.1 The secured assets are our security that you will keep the agreement You grant us a security interest in the secured assets as security for this agreement. This means that if you don’t keep to the agreement, we can take the assets. 15.2 You will help us register the secured assets as a first-ranking registered security interest When we ask you, you will do whatever we ask you to do to make sure that the security interests created under this agreement are first-ranking registered security interests over the secured assets under the PPSA. Doing whatever we ask you to do includes providing any information we reasonably require to complete a financing statement or a financing change statement. 15.3 You will pay for the registration You will pay to us all costs, expenses and other charges that result from registering a financing statement or a financing change statement. 15.4 You waive any right to receive a copy of a verification statement under the PPSA. 15.5 You agree that nothing in sections 114(1)(a), 133 and 134 of the PPSA shall apply to this agreement. 15.6 You agree that your rights as debtor in sections 116, 120(2), 121, 125, 126, 127, 129, 131 and 132 of the PPSA shall not apply to this agreement. 15.7 We can keep our security interest until the agreement is at an end We have no obligation to discharge or release our interest in the secured assets until you have done everything the Agreement requires, and until we are sure that all of your payments have been made and honoured. 15.8 You will not move the secured assets without our prior written consent While you owe any money (including repayments, charges, or fees) under this agreement, you will not remove any of the secured assets from the address given in the disclosure statement without a letter or email from us giving our consent to its removal. This includes loaning, selling, or pawning the assets. You cannot move overseas, or take the assets permanently overseas, without first paying us the total unpaid balance. 16. Every security we hold from you secures all agreements we have with you 16.1 Other securities that we hold can be used for this agreement We may, in the future, hold other securities from you. If so, each of the following applies. a. The secured assets under this agreement will also be security for any other agreement. b. Any other equipment secured by those other securities will also be security for this agreement. c. If you default on any agreement you have with us, we have the right to treat you as if you have defaulted on each of the other agreements, and we may take action to recover any or all secured assets under any of the agreements. 16.2 If we hold several securities, they all secure this debt The principal sum includes all money you owe to us under any agreement you have with us, even if one of the following applies. a. The money is secured by or is chargeable against some other security we hold. b. Any agreement or arrangement between you and us does not state that money referred to in that agreement or arrangement is intended to be secured by this agreement. c. Any clause in this agreement does not include other moneys as part of the principal sum. 17. We hold the security until we give you a discharge 17.1 This agreement is a running and continuing security for you paying the principal sum and observing all terms and conditions of the agreement. It remains in full force until we execute and deliver a final discharge, even if one of the following applies. a. Any sums may from time to time be paid to us. b. Any account between you and us may at any time be in credit. c. You have settled your account by paying in full. 18. We don’t waive any of our rights 18.1 Even if we don’t exercise a particular right under this agreement, we still retain that right. 18.2 If we exercise any right under this agreement, we can still exercise that right again, or any other right. 18.3 In addition to any and all of the rights under this agreement, we can also seek any other remedies allowed us in law. 19. You cannot assign your rights under this agreement 19.1 You may not assign to anyone else any of your rights under this agreement or any rights to the equipment. 19.2 We may at any time assign our rights under this agreement or any rights to the secured assets to any party on such terms as we consider fit. 20. You will write to us and we will write to you 20.1 You agree to keep in touch using written notices 20.2 All notices or other communications from us to you or from you to us must: a. be in writing b. be delivered, forwarded or sent by personal delivery, post, facsimile, or email to one or more of the following: the principal place of business of the addressee the address or facsimile number specified in this agreement or otherwise specified by the addressee the registered office of the addressee in the case of a company registered under and/or subject to the Companies Act 1993, the address for service of the addressee c. be deemed to have been received by the addressee: if served personally, at the time of service if sent by post, on the third working day after being posted, correctly addressed, by prepaid postage if sent by facsimile or email, on the day of transmission if before 5.00 pm on a business day, and otherwise on the next business day. 20.3 You agree that the conditions relating to sending and receiving information in electronic form are those in the Electronic Transactions Act 2002.
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